Wells Fargo, the embattled bank, is gearing up to ask the Office of the Comptroller of the Currency for an extension to a deadline to meet an enforcement action that has to do with anti-money laundering controls at the bank.

The Wall Street Journal, citing people familiar with the matter, reported the bank’s wholesale business, which provides services to large corporations, is having a hard time meeting a consent order from November of 2015. The consent order stems from problems related to how the bank ensures the proper identification documents of new and existing customers. It has a June 30 deadline to meet the consent order. If it fails to meet the deadline, it could be hit with another enforcement action, people familiar with the matter told The Wall Street Journal. The bank, during the past few months, has been talking to the OCC about meeting the consent order, noted the report.

According to The Wall Street Journal, at the time of the action in November of 2015, Wells Fargo had more than 100,000 customer accounts that had to be verified, while thousands more needed specific work. Leading up to the consent order, the OCC has given Wells Fargo notices that it had deficiencies in controlling for money laundering. The enforcement action was taken in part because Wells Fargo didn’t address the concerns of the OCC.

One Response to “Wells Fargo Needs An Extension To Meet OCC Consent Order”

Wells Fargo is laundering monies to HUD/Ginnie when collating mortgage payment that they are not authorized to collect once Washington Mutual Bank (WaMu) was seized and declared a “failed bank”! The taken these illegal funds and masked the fact that all the Wamu Ginnie MBS are actually in default!

What so hard to understand that the risk taken with placing these loans into the MBS, with being forced to relinquish the blank endorsed Notes is it makes final a separation of Note and debt, so the Notes are non-negotiable!

Ponzi is there is actual no violate MBS and investor are provided others monies as in the homeowner who actually had the debt eliminated because of WaMu not able to meet its obligation because of its decease. It the reason the bank went under without having this $140 billion worth of FHA & VA as assets!

No JPMorgan did not and could not purchase 1.3 million performing loans that had a value with FHA & VA insurance backing the back end of 20% if loss occurred, for what ended up at $1.3 billion for $140 billion in loans.

The Ponzi takes the $11.4 billion in illegal foreclosures and keeps the investor quiet not complaiming to the SEC of harm because as with Bernanke Madoff the stolen fund acted as profit to pay investors. A lot of servicemember rip off to pay Wells”s CEO $17 million last year!